Neo-bank reaches new milestone in bid to challenge traditional banking services [Video]

Digital-only banks, known as ‘neo banks’ are shaking up the industry, and one of the major players has just hit a new milestone.

Digital bank Up just has just reached one million customers, attracting Aussies not just with better deals, but with tools to help them build a healthier relationship with their money.

The bank is targeting milennials like 23-year-old content producer Matilda Christie, with digital-first, highly personalised simple tech-enabled banking services.

“The language and even the visuals they use is really relatable to Gen X in that it makes it a lot more approachable,” Christie said.

Up, which operates in partnership with Adelaide and Bendigo Bank is just one of several players in the neo-space.

Watch the full video in the player above.